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Sometimes shopping for a mortgage can seem overwhelming. However, these five tips will help guide your search to find the best home loan to fit your needs.

Know what you can afford. Review your monthly spending plan to estimate what you can afford to pay for a home, including the mortgage, property taxes, insurance, monthly maintenance and utilities. Make sure you save for emergencies. Plan ahead to be sure you will be able to afford your monthly payments for several years. Check your credit report to make sure the information in it is accurate. A higher credit score may help you get a lower interest rate on your mortgage.

Know your options when comparing loan programs. Shopping takes time and energy, but not shopping around can cost you thousands of dollars. Find a lender and loan officer you’re comfortable with to give you the information to make informed choices. A loan officer can help you choose the loan that best meets your unique needs.

Understand loan prices and fees. Many consumers accept the first loan offered and don't realize they may be able to get a better loan. Lenders and brokers consider the profit they receive if you agree to the terms of a loan with higher fees, higher points or a higher interest rate. Shopping around is your best way to avoid more expensive loans.

Know the risks and benefits of loan options. Mortgages have many features – some have fixed interest rates; some have adjustable rates; some have payment adjustments; on some you pay only the interest on the loan for a while and then you pay down the principal (the loan amount); some charge you a penalty for paying the loan off early; and some have a large payment due at the end of the loan (a balloon payment). Consider all mortgage features, the APR (annual percentage rate) and the settlement costs. Ask your lender to calculate how much your monthly payments could be a year from now, and five or 10 years from now. Mortgage calculators* can help you compare payments and the equity you could build with different mortgage loans.

Get advice from trusted sources. A mortgage loan is one of the most complex, most expensive financial commitments you will ever assume – it’s okay to ask for help. Talk with a trusted housing counselor or a real estate attorney you hire to review your documents before you sign them. You can find a list of counseling resources at NeighborWorks* and on the U.S. Department of Housing and Urban Development's (HUD)* website or by calling (800) 569-4287.

With some conscious effort and research, you can feel more confident in whom you select to finance your home loan needs.

Information courtesy of Federal Reserve.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

I requested a "refinance" loan with a "home improvement loan" with ARVEST. The appraisal that was made on my property was "FAKED". NO ONE came to my home to make the appraisal. The appraiser simple went to the court house and used the picture of my cabin along with information on file. The picture and information at the court house was 3 years old. I had added a room, installed propane heat and remodeled the upstairs bedroom. I confronted the Loan Officer about this and he told me that I would have to pay for another appraisal. I refuse to do business with a company that allows "FAKE" information to be used. I have been with ARVEST for about 20 years but I am now thinking about changing banks. My phone: ***. Mailing address: ***

*Comment edited by Blog Admin to take out confidential customer information.

Arvest Blog Admin
on
4/24/2017
at
2:11 PM

Timothy - Thank you for your longtime business with Arvest. We're sorry to hear about your appraisal and loan experience. We've passed your information along to local management to look into. We'd like the opportunity to earn your business.

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